Guyana Goldfields (TSX: GUY) is gearing up to start production at its Aurora gold project in Guyana in the coming weeks, which will make it the newest gold producer in the South American nation.
The upcoming Aurora mine sits in the forested region of Guyana, 170 km west of the capital Georgetown. It should produce a total of 3.29 million oz of gold, averaging 194,000 oz per year, over an initial 17-year mine life. Estimated operating cash costs are US$527 per oz, with all-in sustaining costs of US$698 per oz. (Both amounts include royalties.)
In a July presentation, the company, led by CEO Scott Caldwell, notes construction at the fully funded and permitted project is about 95% complete. The SAG mill started up in the second quarter, with the gravity and saprolite circuits set for commissioning shortly.
First gold production should kick off early this quarter. Also during the three months ended September, the junior intends to achieve mechanical completion of the 5,000-t/d processing plant and begin commercial production.
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